Fubon Bank, a Hong Kong-headquartered lending institution, has announced initiatives for exploring real estate tokenization alternatives in the context of the Hong Kong Monetary Authority’s (HKMA) eHKD pilot program.
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Fubon Bank to Start Pilot Later this Year
Based on a recent local news statement, Fubon Bank will begin the pilot real estate program on Ripple’s CBDC platform in the third quarter of this year. With this development, Fubon Bank will use the CBDC platform from Ripple to tokenize real estate and offer loans in e-KHD. This will start before the end of September 2023, according to the release.
Fubon Bank’s executive director and chief strategy officer, Xu Luosheng, indicated that the financial institution would be conducting a pilot experiment focusing on customers seeking refunds.
The pilot program, which will not entail the actual distribution of digital Hong Kong dollars, is going to start with the issuance of digital Hong Kong dollar loans. According to the press release, Fubon Bank is going to convert the fiat Hong Kong dollar into the test-only digital Hong Kong dollar at a personal rate of exchange. Customers will be offered loans after the changeover of the test-only e-KHD. Users can monitor their real-time loan-to-value ratio (LTV) via their e-KHD wallets, according to Luosheng.
Partnership Plans to Embrace e-KHD
Customers can use the test-only digital Hong Kong dollars to buy real estate and other investments associated with it in the next stage. Moreover, Luosheng stated that Fubon Bank could possibly plan to partner with real estate businesses in order for them to embrace e-KHD as a payment method.
Meanwhile, Ripple CBDC Director Ross Edwards highlighted that the Ripple CBDC platform might employ the XRP Ledger (XRPL) to unify a hypothetical e-KHD, tokenized real estate, and financial loan agreements.
As reported by TheCoinRise, Gary Gensler, the US Securities and Exchange Commission Chairman, previously gave an insight into the SEC’s reaction to the Ripple issue during his contact with reporters following a recent Senate Appropriations Committee appearance. Following this, Ripple CEO Brad Garlinghouse criticized the US Securities and Exchange Commission as well as its lawyers.
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